The Fed raised rates by .25% and set a hawkish tone for 2017, with plans to raise rates three more times next year. Yeah right! Rates can't go much higher without causing serious problems to the economy, the financial system, and to US government finances.

The problem with raising rates is the debt bubble that the Fed so willfully ignores. Each quarter point makes things more difficult for businesses and consumers. Here are just a few examples:

We have seen this movie before. Mexico in 1994; Thailand, Korea, Indonesia in 1996/1997; Japan in the late 1980’s; the entirety of South American in the 1970’s; the US in 2008! All of these bubbles were built on capital inflows. China fits the script perfectly. The Trump election may be the beginning of the final act.

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